Analysis and Recommendation (NZD/USD Analysis Forecast):
The NZD/USD continued to recover after its rout over the past few days. Just last week the kiwi was trading above the 75 level and today is steady at 0.7365. Comments and changes by the central bank have weighed on the commodity currency after Mr. Wheeler imposed higher interest rates on home loans.
Late on Tuesday the kiwi fell as the greenback strengthened following better-than-expected US housing data, boosting optimism the world’s biggest economy may be recovering after a weak first quarter. Also yesterday prices fell an average 2.2 percent in the fortnightly GlobalDairyTrade auction, led by a 3.6 percent decline in skim milk powder prices. Still, the price for whole milk powder, New Zealand’s key export product, slipped just 0.5 percent.
The greenback touched a two-week high of 95.474 after a report showed US housing starts reached their highest level in 7 1/2 years in April, stoking optimism the world’s largest economy may be gaining momentum after a weaker first quarter. Later today traders will be focused on the release of the Federal Reserve minutes to its last meeting, for clues to when it may raise interest rates.
ForexTraq provides in-depth analysis for each currency and commodity we review in forex trading. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information for NZD/USD in our weekly reports.
Today’s economic releases actual vs. forecast:
|AUD||RBA Assist Gov Lowe Speaks|
|JPY||GDP (YoY) (Q1)||2.4%||1.5%||1.1%|
|JPY||GDP (QoQ) (Q1)||0.6%||0.4%||0.3%|
|AUD||Westpac Consumer Sentiment||6.4%||-3.2%|
Upcoming Economic Events that you should be monitoring for NZD/USD in forex trading:
Thursday, May 21, 2015
|CNY||HSBC Manufacturing PMI||49.3||48.9|
|EUR||German Manufacturing PMI||52.3||52.1|
|GBP||Retail Sales (MoM) (Apr)||0.4%||-0.5%|
|USD||Existing Home Sales (Apr)||5.24M||5.19M|
|USD||Philadelphia Fed Manufacturing||8.0||7.5|
Government Bond Auctions
Date Time Country
May 21 08:30 Spain Auctions Bonos
May 21 09:03 Sweden Holds bond exchange auction
May 21 09:10 France Auctions BTANs
May 21 09:30 UK Auctions 4.75% 2030 Conventional Gilt
May 21 10:10 France Auctions
May 21 15:30 Italy Announces details of CTZ/BTPei on 26 May
May 21 15:00 US Announces details of 2-year FRN on 27 May, plus 2/5/7 year
May 21 17:00 US Auctions 10-year TIPs
May 22 09:03 Sweden Holds bond exchange auction
May 22 10:00 Norway Details bond auction on 27 May
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